EU's tougher rules for OTC derivatives begin today

Starting today, EU banks and other firms that deal in over-the-counter derivatives will have to report more information to trade repositories, including the value of contracts and related collateral. "The complexity of these new obligations, and the short timeframe" mean "many firms just aren't ready for [the] deadline", Crispian Lord of PricewaterhouseCoopers wrote in an e-mail.